Author

Steve Miley

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in-Chief for FXExplained.co.uk, the Academic Dean for The London School of Wealth Management, plus Senior Investment Advisor at Kylin Prime Capital.

At FXExplained.co.uk Steve is the Editor-in-Chief, alongside producing numerous articles for the site. The ability to be able to reach out to a wide, global audience with his own analysis and also assist and nurture other authors in their creative process makes this a role that Steve values deeply.

The Market Chartist

The Market Chartist was founded in 2012 and provides daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, UK Natural Gas, TTF Gas, German Power, EUA Emissions and LME Base Metals.

As The Market Chartist, Steve has won many awards from the Technical Analyst Magazine. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analyst of the Year category each year for 2012-2017.

Other Current Positions

Steve is also the Academic Dean for The London School of Wealth Management, a role he really enjoys. He appreciates the opportunity to be able to educate a diverse array of students in all aspects of the financial market’s world. Steve says “to be able to be a part of transforming an individual’s life through education is truly a privilege and very exciting”.

In his role as Senior Investment Advisor at Kylin Prime Capital, Steve supports and advises the investment management team by employing his extensive fundamental market experience, alongside his wealth of technical analysis knowledge. This allows him to add significant value to investment decisions.

Steve also writes extensively for numerous financial markets sites including: FxStreet.com, TechnicalAnalyst.co.uk, InsideFutures.com, BarChart.com, StockTwits.com, StockBrokers.com, AskTraders.com and Investing.com.

Previous to this, Steve was also a Senior Lecturer at The London Academy of Trading where he fully began his journey into the world of education. It was here that he honed his skills as a lecture and mentor in the world of financial markets education.

Vast Technical Analysis Experience

Steve has also helped technical analysis push into a new era in his previous role as Director at Vega Insight. Vega Insight is a relatively new company with a specific focus on Artificial Intelligence and Machine Learning in global commodity and broader financial markets, with special focus on Energy. In his role Steve was responsible for the technical analysis inputs to the Artificial Intelligence and Machine Learning.

Steve spent 2009-2012 as a Director in the Technical Analysis Research Strategy team at Credit Suisse. Steve managed the FX division, responsible for the reports, forecasts and bank wide research for G10 & Emerging Markets currencies. In this role he also covered all major asset classes including Equity Indices, Rates & Credit, plus Commodities.

Steve spent most of his career at Merrill Lynch for 15 years from 1994-2009. The last ten years was as a Vice President in the research department as a technical analyst, responsible for daily reports, client presentations, plus in-house and client education programs. Prior to this, Steve was in the Fixed Income derivatives sales team where he managed the Italian Futures desk (BTP and EuroLira) on LIFFE (the London International Financial Futures Exchange). He was responsible for a four-man sales team, who consistently produced high volume of sales from both in-house and external clients.

He is a Member of the Society of Technical Analysts (MSTA) and holds a Master’s degree in politics, Philosophy & Economics from Oxford University (Lincoln College).


Intermediate

Looking for a European stock index rebound – DAX and EURO STOXX 50 forecast

A significant selloff over the past 24 hours in riskier assets with safe haven assets benefiting. This was driven by technical chart breakouts amid growing fears regarding the spread of the coronavirus. Stock indices were under negative pressures, in the US, Asia and Europe, BUT intraday rebounds Thursday/ Friday leave a recovery threat into today. … Continued

Intermediate

US Dollar is King as USDJPY surges (USDJPY forecast)

A surge for USDJPY over the past 24 hours has reflected both the growing “risk on” theme and a technical breakout to a multi-month high. This has reinforced the US Dollar as “King”, with the US currency already braking to multi-year highs versus the Euro and Australian Dollar in February. The risk is now for … Continued

Intermediate

Share averages rebound, cycle/record highs in the crosshairs again (S&P 500 forecast)

Global stock indices have staged resilient rebound over the past 24 hours, shrugging off the “risk off” tone from Monday-Tuesday after Apple’s (AAPL) negative guidance from the impact of the coronavirus. This recovery has been assisted by the number of coronavirus cases in China continuing to rise but at a still slower pace (according to … Continued

Intermediate

Riskier assets stay strong, as coronavirus fears ebb

As we highlighted in last week’s Macro Watch, global financial markets remain fully focused on the coronavirus. Although markets remain on edge, the underlying theme of “risk on” continues to dominate, although punctuated by brief spells of “risk off” with quick, usually brief corrective moves. This was best highlighted last week when during an erratic … Continued

Intermediate

Stocks surge, DAX hits another new all-time high

An erratic 24-36 hours for financial market assets, with a shift back to a “risk off” mode on Wednesday-Thursday with a leap in the coronavirus cases in the Hubei province, after a change in the counting methodology. However, markets quickly shifted back to “risk on” mode, as stocks rebounded, recouping losses. In fact, the major … Continued

Intermediate

Pound vulnerable to renewed losses (GBPUSD forecast)

The GBPUSD Forex rate has been probing higher in a corrective recovery theme this week, with slightly better data coming through on the U.K. economy. However, prior bearish technical signals still leave GBPUSD vulnerable to further losses into this week.   GBPUSD day trade outlook: Negative tone  A Tuesday-Wednesday rebound above 1.2969/79 resistances, but then stalling … Continued

Intermediate

Euro sitting on a multi-year low at 1.0878 (EURUSD forecast)

The recent global risk on/ risk off theme since the eruption of the coronavirus has shifted to a more risk on bias recently, which  seen global equities hitting multi-year and record highs, whilst broadly in the FX space, the US Dollar has stayed the strong currency, particularly within G3 (against the Euro and Japanese Yen). … Continued

Intermediate

Risk on sees equities soar (S&P 500 forecast)

Rightly or wrongly, but waning concerns regarding the spread of the coronavirus have seen the “risk on” theme full resume this week. This was after a setback in global stock indices and a move into safe havens last Friday after the US Employment report (despite it being stronger than anticipated). Monday has seen the major … Continued

Intermediate

Erratic theme as “risk on” tries to resurface in face of coronavirus fears

Global financial markets remain fully focused on the spreading coronavirus, with a very erratic tone. As we highlighted in last week’s Macro Watch the global spread of the virus had seen financial markets in “risk off” mode for latter January and into early February with global stock averages plunging lower, whilst safe havens (like U.S. Treasury … Continued

Intermediate

Pound poised for a more negative shift (GBPUSD forecast)

The US Dollar has been broadly firm throughout the latest shift to a “risk on” theme for global equity markets through this week, for the start of February. This has seen GBPUSD accelerating, then grinding lower, particularly with mounting concerns regarding the difficulties that are posed by the trade negotiations with the EU, in a … Continued

Intermediate

US stocks surge to record levels (S&P 500 forecast)

Multiple positive signals for global financial markets over the past 24 hours, with fears regarding the spread of the coronavirus easing, rumours of a vaccine, China cutting import tariffs on US goods, and of less significance for markets, the US President surviving the impeachment trial. This has seen US and global stock surge over the … Continued

Intermediate

Stock averages flipping on coronavirus indecision

The major global stock averages have been in a very volatile environment over the past 1-2 weeks since the outbreak of the coronavirus. Erratic news flow regarding the virus spreading, alongside mixed message from authorities have caused the all asset classes to flip between “risk on” and “risk off” modes. Also, the US earnings season … Continued

Intermediate

Coronavirus triggers liquidation pressures and flight to quality

Global financial markets are now fully focused on the new geopolitical threat, the spreading coronavirus, with the Chinese New Year holiday extended into this week to try to assist in containing the virus. The global spread has broadly seen markets in “risk off” mode, seeing global stock averages plunge, whilst safe havens like US Treasury … Continued

Intermediate

Stock rebound flips immediate focus to the upside (DAX forecast)

Global stock averages have been under negative pressures all week from concerns regarding the coronavirus. However, the downside forces were eased late yesterday after global share indices rebounded after the World Health Organisation painted a less negative picture on the coronavirus than had been expected. Although the outlook for stock indices remains for potential further … Continued

Intermediate

Pound setting up negative into Bank of England (GBPUSD forecast)

The Monetary Policy Committee (MPC) of the Bank of England (BoE) meet today to decide on interest rates. There is growing expectation for a rate cut, with the market going into this meeting with uncertainty. However, from recent comments from MPC members, it is clear this vote will be closer than recent meetings. Even if … Continued

Intermediate

Stocks rebound ahead of the Fed, but risks just stay lower

After the global “risk off” shift due to the spread of the coronavirus Friday-Monday, a strong “risk on” rebound was seen across asset classes Tuesday. This was partially driven by position squaring into the Federal Reserve interest rate announcement today, plus hopes that the coronavirus may not be spreading as quickly as feared, alongside talk … Continued

Intermediate

“Risk off” scenario leaves Japanese Yen strong (USDJPY forecast)

The global “risk off” shift over the past week with growing concerns regarding the spread of the coronavirus was reinforced on Friday by a significant selloff in US and global stocks and by an aggressive move lower again Monday! In the Forex space, this has seen a flight to quality to the Japanese Yen, sending … Continued

Intermediate

Coronavirus flips markets to “risk off” theme

The Middle Eastern tensions that started 2020 and the US-Sino trade war that impacted markets through 2019 seem a distant memory now with the de-escalation in the Middle East and the signing of the US-China phase one trade deal. BUT markets have now focused on a new geopolitical threat, the spreading Wuhan coronavirus. Choppy price … Continued

Intermediate

Stock rebounds keep bull theme intact

An aggressive selloff Wednesday into Thursday for the major global stock averages as heightened concerns regarding the China coronavirus saw riskier assets sold. However, a strong intraday rebound was seen, partially driven by the World Health Organisation labelling the outbreak an emergency for China but NOT for the rest of the world, plus from the … Continued

Intermediate

Euro in focus into the ECB Meeting (EURUSD forecast)

Today’s ECB meeting in the central bank and fundamental spotlight today. No significant announcement is expected, but nerveless, EURUSD is poised at key support levels (see below). In addition, the US Dollar retains a safe haven positivity against most currencies (apart from the Japanese Yen), with increased concerns regarding the Chinese Wuhan coronavirus. EURUSD day … Continued

Intermediate

DAX hits new all-time high

In our report here last week we highlighted upside risks for the European share indices and for a bias for the German DAX to play catch up with its US counterparts. The major US equity averages continue to forge to new all-time highs, but today has seen the DAX join the party, with a rally … Continued

Intermediate

Pound vulnerable into UK Employment report (GBPUSD forecast)

The Pound Sterling has been trading weak against the US Dollar (GBPUSD) so far in 2020. This has been driven by both UK macroeconomic data disappointing and members of the Bank of England Monetary Policy Committee indicating a potential rate cut. Today’s focus will be on the UK Employment report and for possible further weakness … Continued

Intermediate

MacroWatch – “Risk on” theme extends

After the tensions that began 2020 between Iran and the US with the Middle Eastern airstrikes, a quick and significant de-escalation has seen markets focus back on global economic conditions. The signing of the US-China phase one trade deal on Wednesday had little market impact as we had suggested in last week’s MacroWatch, though markets … Continued

Intermediate

European Stock Indices Poised to Advance (EURO STOXX 50 and DAX)

The “risk on” theme continues with global stocks staying strong over the past 24 hours since the signing of US-China trade deal. The US stock averages have soared to new all-time higher with the Dow Jones Industrial Average (DJIA) above the 29000 level and the broad benchmark index, the S&P 500 through 3300. The Q1 … Continued

Intermediate

“Risk on” theme points the Japanese Yen lower (USDJPY forecast)

The Japanese Yen remain under negative pressures with global financial markets continuing their “risk on” theme into the start of 2020. This has seen USDJPY strength over the past week since the de-escalation of tension in the Middle East and leaves the USDJPY forecast for further gains (see the technicals below). The “risk on” theme … Continued

Intermediate

Pound stays vulnerable to losses – GBPUSD forecast

The Pound Sterling has been under downside pressures over the past week and in fact since the start of 2020. This has been driven by three factors with respect to the GBPUSD Forex rate: A more dovish tone from at least three members of the Monetary Policy Committee of the Bank of England, including outgoing … Continued

Intermediate

Risk on theme resumes – S&P 500 Forecast

A surge higher by US and global equity averages to start this week, with the US board benchmark index future, the S&P 500 E-Mini hitting another new record level on Monday and in overnight trading. This has reflected a rejection by markets of fears and negative pressures from an escalation of the conflict that began … Continued

Intermediate

Early 2020 volatility gives way to “risk on”

As we highlighted in last week’s MacroWatch, the bullish sentiment that started 2020 was significantly damaged by the increase in geopolitical risks from the U.S. airstrike that killed General Qassem Soleimani, the Iranian Quds Force chief. Moreover, global stock averages plunged lower in the middle of last week as Iran retaliated with airstrikes aimed at … Continued

Intermediate

Euro under downside pressures (EURUSD forecast = negative)

A further selloff for the Euro over the past 24 hours, leaving risks lower. Global financial markets have seen aggressive volatility so far in 2020 given Middle Eastern tensions, with Gold and Oil markets swinging aggressively, as well as stock averages seeing notable selloffs and recoveries. On the currency side, FX markets have seen a … Continued

Intermediate

GBPUSD forecast remains to the downside

Global financial markets have seen some aggressive swings to tart 2020 with the tension in the Middle East, particular on the individual stock and equity index, alongside the Gold and Oil markets. On the Forex side, however, despite a choppy tone to USDJPY and Japanese Yen cross rates (due to the aforementioned tensions and the … Continued

Intermediate

Stock averages plunge after Middle Eastern tensions increase

Global financial markets have seen riskier assets plunge and safe havens rally in very volatile activity overnight Tuesday-Wednesday amid an escalation in the tensions in the Middle East. Iran have attempted to strike at US targets in Iraq to intensify the negative, “risk off” theme that started 2020 after the US airstrikes in the Middle … Continued

Intermediate

USDJPY retains negative tone, amid risk off threats

Global financial markets have attempted to shrug off the more negative, “risk off” theme that started 2020 after the Middle East airstrike by the US last week. This initially saw a significant selloff in riskier assets and a rush into safe havens, like the Japanese Yen, sending USDJPY lower. Despite a rebound in riskier assets … Continued

Intermediate

A volatile start to 2020 – MacroWatch

A truncated trading week to end 2019 and start 2020 last week, with global markets observing holidays during the turn of year. 2019 ended and 2020 initially started by echoing the “risk on” tone from the whole of last year with global stock averages extending the December, Santa rally through the end of year, albeit … Continued

Intermediate

FTSE 100 forecast stays higher into Bank of England Meeting

The FTSE 100 Index chart has soared since late last week, benefiting from the certainty that has come from the UK general election result, with the 80-seat majority for the Conservative government. In addition, the latest surge higher in the FTSE 100 index this week has been assisted by the Pound recoiling from above 1.35 … Continued

Intermediate

Pound slides as Brexit concerns quickly resume – GBPUSD forecast

A selloff for the Pound over the past 24-48 hours has accelerated through Tuesday with concerns quickly resurfacing regarding Brexit. The euphoric Sterling rally since last week’s strong general election result for the Conservative party and a large government majority has been erased with worries that a no deal Brexit is still a threat. The … Continued

Intermediate

FTSE 100 surge leads European stock averages higher

A positive follow through for the UK benchmark averages on Monday, as the FTSE 100 led the European equity indices higher (see the UK FTSE 100 Index Chart, the German DAX Index chart and the Euro STOXX 50 Index chart and commentary) This has reflected a positive follow-through for the UK market after last week’s … Continued

Intermediate

Trade talks and UK election result affirm “risk on” theme

Markets began last week on a positive footing after the strong US Employment report the prior Friday (6th), as we highlighted in our Macro Watch report last week, with the November Non-Farm Payroll data particularly strong at 266K jobs added (expectations of 187K) and the Unemployment rate at 3.5%, matching the lowest jobless rate since … Continued

Intermediate

GBPUSD bull theme reinforce after general election

An emphatic majority for the Conservative party was predicted by the exit polls at 10.00 p.m. on Thursday 12th December, which has been confirmed as the results have come in. This saw the Pound leap against the US Dollar above 1.35, with GBPUSD at its highest level since May 2018 and EURGBP plunging to levels … Continued

Intermediate

Which Forex markets and currencies should I trade?

We will look at: What are the major asset classes choices? Where to start with FX? Fundamental versus Technical Analysis The “FX Majors” Safe haven currencies “Risk” or commodity currencies Cross currency analysis Peripheral currencies and Emerging Markets What Forex markets are best suited to you? If you are relatively new to financial market trading … Continued

Intermediate

GBPUSD focus into a key general election

The focus Wednesday was on the Federal Reserve in their last FOMC Meeting of 2019. There was no change in interest rates as anticipated, through the Fed maintained their dovish stance, indicating that rates would likely remain on hold through 2020. Stock averages in the US and globally cheered this outcome, probing slightly higher. However, … Continued

Intermediate

EURUSD Forecast: Positive tone ahead of the Fed and ECB

The focus today is on the Federal Reserve in their last FOMC Meeting of 2019. No change in interest rates in anticipated but given the better than expected US Employment data last week, the risk is for the Fed to begin to shift away from a more dovish stance to slightly more hawkish. Such a … Continued

Intermediate

USDCAD: Still aiming lower

The Bank of Canada were in play in the middle of last week with a meeting in which they left their interest rates unchanged as expected, but with a more upbeat outlook for the global economy than expected by Forex markets. This sent the USDCAD Forex rate lower (a stronger Canadian Dollar). The more positive … Continued

Intermediate

An erratic week – risk off, then back to risk on

The trade talk prospects between the US and China were dealt a blow to start the first week of December as President Trump and other key players highlighted that the phase one trade deal might not be signed as quickly as markets had expected, with the President at one point suggesting a trade deal might … Continued

Intermediate

The Pound surges on poll: GBPUSD forecast higher after 1.30 break

A more positive poll favouring the Conservative party over the past 24 hours has seen a stall in the narrowing in the polls recently between the Conservative and Labour parties. The better performance by Labour had been a theme over the past week, but the halt and reveres of this trend in favour of the … Continued

Intermediate

US Stock Averages plunge (S&P 500 forecast)

Stock averages suffered a further slide on Tuesday as markets continued to react to the US tariffs on steel and aluminum imports from Brazil and Argentina, but also now have raised concerns that the US-China trade war could extend long into 2020. Comments from President Trump alongside U.S. Commerce Secretary Wilbur Ross indicated that the … Continued